lizzie64,
I haven't been to the luau since '88 or '89 (I'm sure some things have changed since then), but that year we did both the luau and the hoop dee doo. I've been back to the hoop dee doo since then and continue to enjoy it every time, but I haven't gone back to the luau at all. I've been there and done that and once was enough for me. Know what I mean?
However , having said that . . . if I had a husband who really wanted to go to the luau at the Polynesian, I'd go. Without question. I'm a firm believer in everyone getting to make some choices. It is, after all, their trip, too.
As for your little ones, they might enjoy it, but if you'd rather not take them you could check into Fairy Godmothers (do a search on the family board). They come to your room, and from what I understand, do an excellent job of entertaining the little ones.
Good luck with whatever you decide.
Pat